Economist: Fischer Could be a 'Disaster" for US

In his old job, former Bank of Israel governor Stanley Fischer was highly regarded for his ability to keep the Israeli economy in check. Under Fischer, Israel sustained a long period of economic growth, and weathered the international financial crisis of 2008 with surprisingly little damage.

But now that Fischer is playing in the “big leagues” - as vice-chairman of the Federal Reserve, a position he was elected to just last week – he may find that his wisdom is questioned far more than it was in Israel. According to Forbes guest columnist Jesse Colombo, appointing Fischer to the Fed is a “disaster waiting to happen.” Israel's economy, he claims, is not really thriving; it only appears to be doing well, after Fischer pumped it up artificially.